The he said/she said battle over exchange of futures for futures transactions (EFF) continues as ELX Futures responded with a letter to the Commodity Futures Trading Commission (CFTC) stating that last week’s CME Group letter to the Commission in response to a CFTC request for further justification for its position on EFFs was non-responsive. ELX states that the CME letter relied on “unsupported assertions, misstatements, distortions and material omissions.”
The letter adds that the CME failed to substantively distinguish between EFFs and other permitted exchange for related positions transactions (EFRPs) as requested by the CFTC in its Jan. 22 letter.